The federal government has already given $150 billion to state and local governments. IMHO, there should be no second wave. Pigs like NY, IL and CA should not be given the mean to finance their never-ending "drunken sailor on shore leave" spending on the dime of more responsible states. Also, these states should not be enabled to extend lockdowns and further impoverish their citizens in the process.
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last commentYou tell em sweetie
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Governor Cuomo answered this charge very effectively:
youtube.com
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^ If you believe that melodramatic nonsense equates to effectiveness then sure, his response was very effective. ;)
For starters, the argument that any state is a net "giver' or "taker" is ludicrous. Individuals give and take, not states. A state doesn't "own" any particular federal taxpayer. Indeed, NY of all places is learning that very quickly as affluent taxpayers continue to leave in droves.
Second, NY has already received over $5 billion in direct aid and NY counties have cumulatively received an additional $10 billion. The reality is that NY was already in a budget pickle before the crisis but, as the old saying goes, don't let a good crisis go to waste. The amount of money that Schumer was trying to secure for NY was as much a public pension fund and budget bailout as it was a COVID-19 remedy.
NY needs to start living within its means and I don't want it, along with IL and CA, to use COVID-19 as a means to obtain bailout money to enable them to keep spending without consequences.
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Governor Cuomo is an ass clown. When this is all over people in this country will remember that filthy swine and boycott his state.
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Even before COVID-19, NY was running a budget double the size of Florida's budget, despite having 2 million less people. This is the reason why NY needs a bailout and FL does not.
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No. The reason NY needs a bailout is because it was hit much harder by COVID than Florida which is the entire reason for the bailout.
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Baloney Willy. NY has already received $15 billion in aid to help pay for COVID. Now they are looking for additional money to pay normal operating expenses, which Cuomo made very clear in his press conference.
Well, FL, TX and every other state that also shutdown has firefighters, teachers, police, etc., etc. too and has experienced tax revenue declines just like NY. But you don't see them holding press conference to rail for massive additional cash injections. That's because NY, unlike FL, was already experiencing massive budget deficits and dangerously underfunded pensions long before COVID.
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RickiBoi I’m not interested in whether or not NY gets a bailout but the reason that N.Y. has a budget double the state of Florida
NY has a gross DP 1.5 Trillion
Florida has a gross DP of less than 850 Billion
That’s not because they spend less but they have much more expenses
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And to be clear Willy, that $15 billion is on top of the PPP loans to small NY businesses, $600 weekly federal boost in unemployment to every NY citizen who lost their jobs representing another $10+ billion to the state all said and done, direct FED lending to large business that call NY home, etc., etc.
I should also add that NY's state level unemployment fund is also out of money. This too, just like their pension fund issues, is due to chronic under-funding due to other piggish spending priorities.
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25, most state spending is tied to per capita issues, not GDP. Healthcare, social safety nets, commuter transportation, etc., etc., are all functions of population. Most of the GDP differential comes from the financial services industry, which requires little support from the state.
The simple of the matter is that NY has built a budget heavy on entitlement spending, including lucrative public pension bills that are now coming due. They built this house of cards assuming that growth would always be positive, thereby allowing them to meet these politically motivated yet fiscally imprudent promises. It seemingly never occurred to them that they might some day have to contend with net outbound capital migration, but here they are.
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nyc was better off under crime family control, now its run by dead beats that want taxpayer entitlements
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So tell me RickiBoi where would you relocate the financial services sector to and what other city has the infrastructure transportation and educated workers to support such an industry
There’s a reason it’s centered in lower Manhattan.
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^ It costs the same to transport a restaurant employee as it does a Wall Street trader, again per capita. And it hasn't really been centered in lower Manhattan for a very long time now, but NY still gets GDP "credit" for much of what is initiated elsewhere.
Don't even get me started on the high cost to shitty outcome ratio of the NY public school system, brought to you courtesy of the teacher's union, one of many unions that NY has been paying off for decades. Most of the brightest minds on Wall Street are educated elsewhere.
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Your just ranting now, there’s a reason those bankers aren’t listening to you but rather doing as I described
I’d laugh my ass off, the money that passes through Wall Street every day you have no idea if you think that someplace else might qualify as the center of the universe, right on boy, they’re not leaving NYC regardless of what you might think.
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BTW Idgaf whether NY gets bailed out or not something tells me that N.Y. will be just fine either way.
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i think wall st and chicago exchange are all mainframe computers now...... the traders were replaced 20 years ago..........so move the mainframes to austin or dallas....... i like the places..... it is booming, everybody is moving there, lots of jobs and colleges
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or florida,,,,,,, even trump moved out of nyc
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Trump was laughed out of N.Y. for being a broke ass pretender
You got to realize he doesn’t own a fuckn thing his properties are either licensed or over leveraged
The real power brokers in NY won’t even talk to him.
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The numbers are so big it is meaningless to discuss.
The term "money" had no meaning when the gov can create trillions out of thin air after decades of saying there is no money for healthcare, SS, homeless etc...
I do think the states are using this pandemic as a potential bailout for past budget sins. That is pretty clear now. If they open up, they may miss the bailout gravy train
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25, they were already leaving before COVID. The pandemic might actually accelerate the decisions for those who are on the bubble because there are a number of people who do not want to return to NYC anytime soon.
15 years ago you might have been right that a high-end firm had to be in NYC to be taken seriously by many northeast institutional investors, but it is becoming increasingly acceptable now for them to be in places like Houston and Charlotte. COVID may accelerate this new reality as well.
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The real power brokers in New York are the sick disgusting leeches like AOC getting rich by using taxpayer money and political donations. There isn't enough terrible things that could happen to these people. New York is like Europe: Stick a fork in them.
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i think every state and city will have to file BK soon..
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Dugan’s post cribs and track’s an opinion piece in the Wall St. Journal yesterday by former FL governor Rick Scott. Hey...
Rick = Rick
FL = FL
Same arguments and stats...
ARE YOU RICK SCOTT?!
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“tracks”. Fucking autocorrect
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Andrew Cuomo is a real ass-clown. But he is also a very good politician. He somehow has excellent approval ratings despite making some very dumb decisions on this event. He will very likely get re-elected. AND I would not be surprised that he is the presumptive favorite to get the Democratic Nomination for the 2024 Presidential election. I would be afraid he could beat Pence for that election. He is a lying scum and makes awful decisions. But he makes very good speeches.
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It would probably be best if this state filed bankruptcy. Start over, Reneg all those crazy promises.
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I’m a resident of one of the most wasteful states - NJ. We are on lockdown. There’s no target date to lift the lockdown. We have some of the most ridiculous property taxes in the country - and now our governor is crying about not getting more federal money!
He should be embarrassed to ask for money from anyone. The state is poorly run, the state government is filled with numbnuts who jerk off each evening looking in the mirror!
The stupendous amount of waste in this state is awful. In my county - Essex - they have indicted the last 3 county executives. If the current goomba county executive makes it out without any indictments - it’s only because he has better lawyers.
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#rickduganisapieceofshit
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"#rickduganisapieceofshit"
^Hay, don't talk about my boyfriend like that
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the feds said today that they still have plenty of money to fight corona and keep things running ,,,,, i hope they know what they are doing........ it sounds like BS to me
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Fed has as much money as they do ink. Good for them but will suck for us in a few months
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true....states are saying big cutbacks down the road
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The South and bible belt shouldnt be getting a penny of what california contributes in taxes
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California isn't getting their pathetic state pension system bailed out by us and until they deport every illegal they deserve jack shit.
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===> "The South and bible belt shouldnt be getting a penny of what california contributes in taxes"
California doesn't contribute anything in federal taxes. Certain federal taxpayers, who happen to reside in CA at the moment, pay federal taxes. CA doesn't "own" their federal contributions, as much as it may feel otherwise in its arrogance. But soon enough even that misplaced argument won't be there to be made because CA is doing everything possible to drive chunks of its affluent population away, much like NY, NJ and CT.
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